Compare RBC savings account options

Looking to open an RBC savings account? Here’s what you need to know about how fees and features compare between RBC savings accounts, plus the latest Royal Bank interest rates.

Compare RBC savings account options in 2024

Learn more about RBC savings accounts including alternative accounts to consider:

• Best RBC savings account offer: RBC High Interest eSavings Account
• Best tiered interest savings account for high balances: RBC Enhanced Savings Account
• Best RBC savings account for automatic savings: RBC NOMI Find & Save
• Best tiered interest savings account for low balances: RBC Day to Day Savings Account
• Best RBC savings account for saving US dollars: RBC U.S. High Interest eSavings Account
• Best youth savings account: RBC Leo’s Young Savers Account

RBC savings account info is independently collected by Finder. RBC savings accounts are not available through this site.

RBC High Interest eSavings Account

One way to earn interest and save your money is through the RBC High Interest eSavings Account. This plan has $0 fee per month and offers a modest 1.15% RBC savings account interest rate on your account balance. Another nice perk is that you do not need to keep a minimum balance in the account to earn interest.

Alternative: Scotiabank MomentumPLUS Savings Account

Earn up to 5.4% for 3 months on your first account opened. Continue earning interest at the regular rate of 1%. Plus, get a bonus rate of 0.35% – 0.65% when you leave funds in your account for 90 – 360 days. The monthly fee is $0. Learn more here.

RBC Enhanced Savings Account

This RBC savings account offers tiered interest rates but is more suitable if you intend to maintain a high account balance. 0% interest is paid on balances up to $4,999.99. Get a 0.001% interest rate on balances of $5,000 – $9,999.99 and 0.1% on balances of $250,000+. This account includes 1 free debit transaction per month, then each transaction costs $2.

Alternative: Simplii High Interest Savings Account

Offered by Simplii Financial (an online bank owned by CIBC), this account pays 0.75% interest on balances up to $100,000. Earn 0.8% for balances of $100,000.01 – $500,000. Earn 1.45% on balances of $500,000.01 or more. The monthly fee is $0, and transactions cost $0. Learn more here.

RBC NOMI Find & Save

Using predictive technology, financial trends in your RBC chequing account are identified and dollars you’re not likely to miss are automatically transferred to your RBC NOMI savings account. Automatic Payment Protection ensures funds are moved back to your linked chequing account to cover upcoming payments and negative balances. The RBC NOMI Find & Save account comes with an interest rate of 0.45%. It costs $0 per month, and the minimum balance requirement is $0.

Alternative: Neo Everyday Account

The Neo Everyday Account is both a spending and saving account, paying 0.1% interest on every dollar you save and giving you the opportunity to earn cashback on purchases made at 10,000+ partner retailers. The minimum balance required is $0, and the monthly fee is $0. This account is offered by Neo Financial, a Canada-based online bank founded in 2019. Learn more here.

RBC Day to Day Savings Account

Another RBC savings account option is the RBC Day to Day Savings Account. The more money you deposit, the higher the interest rate you’ll earn. Balances over $1,000 earn 0.01% interest. Any balance under this amount will get you a rate of 0.005%.

Alternative: Tangerine Savings Account

With a 0.3% interest rate, $0 monthly fees and $0 transfers between accounts, the Tangerine Savings Account is a great, fee-free option for saving your funds.

RBC U.S. High Interest eSavings Account

Make your US dollars work harder for you by opening a RBC U.S. High Interest eSavings Account. This account comes with a $0 fee per month and a $0 minimum balance requirement. Grow your funds with an RBC savings account interest rate of 0.4%. Bear in mind that cross-border transfers between your RBC Canadian and US accounts via Online Banking are free and instant but limited to $25,000 (CAD or USD) per transaction.

Alternative: Scotia U.S. Dollar Daily Interest Account

Earn 0.01% for balances of $1,000 – $4,999, 0.02% for balances of $5,000 – $9,999 and 0.05% for balances of $10,000 or more. No interest is paid on balances under $1,000. Get 2 free transactions (including transfers) per month, then pay $1.25 each. US dollar bank drafts are free.

RBC Leo’s Young Savers Account

To start saving for your child’s future, you may want to open up an RBC Leo’s Young Savers Account. This account is for kids aged 12 and under and aims to set children on the right financial path. It advertises a $0 fee per month, and you’ll earn an interest rate of 0.01% on all balances in this account.

Alternative: Tangerine Children’s Savings Account

The Tangerine Children’s Savings Account pays 0.55% interest and comes with a $0 monthly fee. Transactions cost $0, so it’s easy to move money between accounts when you need to.

Compare other savings accounts

The EQ Notice Savings Account and Neo Everyday Account are both solid high interest savings account options, paying 3.50% - 3.65% and 0.1% respectively.

But, you can get a higher rate for a limited time by taking advantage of a new account promotion. The Simplii High Interest Savings Account is offering 6.00% for the first 5 months, after which you’ll continue to earn at the regular interest rate of 0.35%.

Related: Compare Canada's big 5 banks

RBC savings account interest rates

Depending on the RBC savings account you have, the interest rate can vary substantially. Here are regular, non-promotional RBC savings account interest rates as of September 4, 2023.

Account	Regular minimum rate	Regular maximum rate
RBC High Interest eSavings Account	1.15%	N/A
RBC Enhanced Savings Account	0%	0.1%
RBC NOMI Find & Save	0.45%	N/A
RBC Day to Day Savings Account	0.005%	0.01%
RBC U.S. High Interest eSavings Account	0.4%	N/A
RBC Leo’s Young Savers Account	0.01%	N/A

The benefits of RBC savings accounts

Here are some of the benefits that come with RBC bank accounts.

• RBC Internet and mobile banking. If you sign up for an RBC savings account, you can bank online using RBC’s Online Banking web portal. If you prefer banking on your mobile device, you can do that on the RBC Mobile app.
• RBC digital security guarantee. RBC guarantees full protection against transactions you didn’t make or approve.
• RBC myFinanceTracker. Manage your money with expense tracking, budgeting and savings made easier for you.
• Access to NOMI. If you already have an RBC chequing account, you have the option of enabling automatic transfers to your RBC savings account using predictive technology that identifies do-able transfer amounts based on your chequing account activity.
• CDIC protection. RBC is a member of the Canada Deposit Insurance Corporation, so your deposits of up to $100,000 are covered if RBC fails.

Related: RBC chequing accounts

RBC savings account fees

RBC savings account fees vary depending on the type of account you open and the transaction being performed. Check the table below for a breakdown of the key fees that apply to RBC savings accounts.

	RBC High Interest eSavings Account	RBC Enhanced Savings Account	RBC Day to Day Savings Account	RBC U.S. High Interest eSavings Account	RBC NOMI Find & Save
Monthly fee	Free	Free	Free	Free	Free
Monthly debits included	1 withdrawal from RBC Royal Bank ATM	1	1	1	N/A
Fee for debits exceeding monthly limit	$5 each	$2 each	$2 each	$3 each	N/A
Account transfers to any RBC Royal Bank personal deposit accounts in your name	Free	Free	Free	Free	Free transfers to and from any eligible RBC chequing or savings account
Interac e-Transfers	$1 each	$1 each	$1 each	N/A	N/A
Interac Access Fee at a Non-RBC Royal Bank ATM in Canada	$2 each	$2 each	$2 each	N/A	N/A
PLUS System Access Fee at a Non-RBC Royal Bank ATM Within Canada and U.S.	$3 each	$3 each	$3 each	N/A	N/A
PLUS System Access Fee at a Non-RBC Royal Bank ATM Outside Canada and U.S	$5 each	$5 each	$5 each	N/A	N/A
Cross-border debits	$1 each	$1 each	$1 each	N/A	N/A

How to open an RBC savings account

Before you open a RBC savings account, make sure you meet the eligibility requirements. Requirements vary between RBC bank accounts but generally include the following:

• Age. In most cases, you need to be the age of majority in your province or territory.
• Residency. You need to verify that you live in Canada.
• Identity verification. Confirm that you’re opening this account for yourself and not someone else.

Information you will need for your application

After verifying that you’re eligible for the RBC savings account you want, be ready to provide the following information to proceed with your application:

• Personal information. You’ll need to provide your personal information such as your address and your contact details. You’ll also need to verify your identity by providing an accepted form of identification such as a driver’s licence or passport.

Related: How to open a bank account online in Canada

RBC savings account: Frequently asked questions

• Is there a monthly fee for RBC savings accounts?

  RBC savings accounts don't come with monthly fees or minimum balance requirements. But you may face charges for debits, Interac e-Transfers and other bank services.

• How much money do I need to keep in my RBC savings account?

  RBC savings accounts generally don't have minimum balance requirements. But be aware that some accounts, like the RBC Enhanced Savings Account, don't pay interest unless your balance reaches a certain threshold.

• Does Royal Bank have a high interest savings account?

  Yes, Royal Bank has a High Interest eSavings Account. This account pays interest on every dollar, has no monthly fee and no minimum deposit requirement.

• What is the RBC High Interest eSavings Account rate?

  The interest rate on the RBC High Interest eSavings Account is 1.15%.

• How do I activate NOMI Find & Save?

  You can activate RBC NOMI Find & Save in the RBC Mobile app. Once you're logged in to the mobile app or online banking, you can view your account balance(s), transaction history and statements.

• How will NOMI transfer money from my RBC chequing account to my RBC savings account?

  For NOMI to work, you must have an RBC chequing account for at least 3 months. This enables NOMI to understand your financial patterns based on your banking activity. NOMI will transfer $50 per day from your chequing to your savings account, up to a maximum of 5X per week. Since NOMI Find & Save is personalized based on your transaction patterns, there may not be any transfers some months.

• What is RBC's Right Account Guarantee?

  RBC's Right Account Guarantee guarantees a refund of your monthly account fees for up to 3 months if you aren't completely satisfied with your account.

• What can I do with the RBC Wallet app?

  The RBC Wallet mobile application is a way you can store your credit card information to securely make purchases and send and request money. The app has tap and pay function enabling you to pay without needing your physical credit or debit cards.